Also, you're going to have to budget for landscaping as no college kids are going to maintain the yard.

I can demo a whole house for 1k. even landscaping.. 

You can either require the tenant take care of landscaping by providing the equipment and writing it in your lease agreement or build that cost into the monthly rent. 

My last flip was a $36,000 rehab with all new plumbing, electric, HVAC, flooring, interior and exterior paint, and an all new kitchen and bath with a ton of trash out and yard landscaping.

You'll have a hard time finding any rentals and making money purely off the cashflow since the prices there are too high to justify the rent amounts unless you go Multifamily, the more units the better.Here are a few that I found on an initial search, but they all lose money when accounting for longterm capital expenses (roof, furnace, landscaping,...)http://www.themlsonline.com/minnesota-real-estate/...http://www.themlsonline.com/minnesota-real-estate/...http://www.themlsonline.com/minnesota-real-estate/...http://www.trulia.com/property/3228277669-5001-New...http://www.themlsonline.com/minnesota-real-estate/...

he pointed out a few things i did now know. i have alot of contractors in my network, many of who i consider "friends" and have helped in some way or another, so i called them to get a quote and their advice on the project. we sat down tonight and addup costs of rehab. downstairs duct work, roof labor, tile, carpet, laminet, paint, minor landscaping, foundation work (previously quoted), drywall, fixtures, adding ac to FROG, etc...OUT TOTAL CAME TO 35000 WITH A LITTLE FLUF!

@Radhika Morabia, Driving for Dollars essentially means getting in your vehicle and driving around looking for properties that look like they may be vacant or neglected in some way, bad roof, broken windows, unkept landscaping, etc.

The landscape not only in Phoenix, but nationwide, has changed dramatically. 

The answer is pretty much none of these images is what it looks likes.The house is vacant, so no cars on the lawn, also no trash everywhere outside.That landscaping?

@Edward MccrackenYou can use the cook county electronic docket search which will pull up any court ordered records like an eviction and any judgements.